Luxury retailer Watches of Switzerland has achieved impressive Q3 results, driven by strong e-commerce sales and continued growth in the US market. Despite facing store closures due to lockdown restrictions, the company reported a 6.6% year-on-year increase in group revenue, reaching £272.6 million.

In the UK, revenue rose by 1.5% to £186.1 million, largely attributed to a significant boost in e-commerce sales, which saw a remarkable increase of 121.1% compared to the previous year. The introduction of the company’s luxury concierge and collect service also played a role in contributing to the positive results. Although tourist and airport business declined, domestic sales remained strong and accounted for 6.6% of the group’s revenue.

The US market experienced a substantial revenue increase of 19.2% on a currency-neutral basis and 16% in reported terms. Luxury watches continued to be the primary driver of sales, representing 86% of the group’s total revenue in the first nine months of the fiscal year.

Watches of Switzerland further expanded its monobrand network by opening eight new boutiques during this period, with plans to open an additional five in the UK in Q4. Despite challenging market conditions, the company maintained its full-year guidance and expressed confidence in its strategy and future growth.

CEO Brian Duffy emphasized the success of the company’s leading multichannel business model and strong demand for luxury watches as key factors contributing to their exceptional performance.

Useful links:
1. Watches of Switzerland Official Website
2. Luxury Watches Market Statistics